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Taiwan maker of microwave and RF hardware — filters, antennas, waveguides — for telecom, satcom and defense networks.
Taiwan maker of microwave and RF hardware — filters, antennas, waveguides — for telecom, satcom and defense networks.
In one line: A small RF/microwave hardware maker, like a niche API Technologies.
Moat: narrow (process know-how, customer qualification). Precision RF machining and test know-how; components must be qualified into customer systems.
Headquarters: Keelung, Taiwan · Founded: 1999
Size Universal Microwave Technology (3491.TWO) is a Taiwan Information Technology company (Electronic Production Equipment) with a market value of $2.26B, the 155th largest of 687 Taiwan companies the cockpit tracks. Shares closed at NT$1,085 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against -25.9% for the median peer and -3.4% for the Taiwan market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 35.7% over the last twelve months (peer median +12.8%); the operating margin is 26.8% (peer median 5.0%).
Valuation It trades at 42.9× forward earnings against a peer median of 27.1× (5th most expensive of 19).
Capital Return on invested capital runs 13.1 points above its cost of capital (10.0% WACC).
Next results Next results expected around 11 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | NT$3.24B | NT$2.45B | NT$2.33B | NT$1.59B | NT$1.84B |
| Revenue growth | — | +5% | +47% | -14% | — |
| Gross profit | NT$1.77B | NT$1.22B | NT$1.16B | NT$600M | NT$709M |
| EBITDA | NT$993M | NT$687M | NT$710M | NT$285M | NT$369M |
| Net income | NT$865M | NT$518M | NT$547M | NT$200M | NT$271M |
| Free cash flow | -NT$287M | -NT$289M | -NT$50.1M | NT$436M | NT$338M |
| Capital expenditure | NT$989M | NT$816M | NT$549M | NT$111M | NT$86.8M |
| Total debt | NT$1.23B | NT$834M | NT$1.04B | NT$441M | NT$557M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Universal Microwave Technology 3491.TWO | $2.26B | -36% | +36% | 27% | 42.9× | n/a |
| WNC 6285.TW | $2.41B | -29% | +30% | 5% | 10.8× | -0.5% |
| Amphenol APH | $184B | +21% | +58% | 29% | 21.6× | 15.7% |
| Smiths SMIN.L | $9.45B | +5% | -34% | 16% | 22.6× | 15.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 3491.TWO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.4% | -19.7% | 5th lowest of 21 |
| 6-month return | -36.4% | -25.9% | 8th lowest of 21 |
| Distance from 52-week high | -50.7% | -57.5% | 9th highest of 21 |
| Revenue growth (TTM) | +35.7% | +12.8% | 6th highest of 21 |
| Operating margin | 26.8% | 5.0% | highest of 21 |
| Forward P/E | 42.9× | 27.1× | 5th most expensive of 19 |
| ROIC minus cost of capital | +13.1 pp | -2.9 pp | 3rd highest of 21 |
| EV / EBITDA | 73.7× | 12.9× | most expensive of 7 |
| Net debt / EBITDA | -1.5× | -0.6× | 4th least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Universal Microwave Technology 3491.TWO | Taiwan | $2.26B | -36% | +36% | 27% | 42.9× | n/a | n/a |
| VECO VECO | United States | $2.27B | -37% | -3% | 4% | 13.3× | 37.1% | +7.9% |
| Alps Alpine 6770.T | Japan | $2.23B | -24% | +5% | 3% | 10.8× | -3.8% | +7.3% |
| Shenzhen H&T Intelligent Control 002402.SZ | China | $2.23B | -49% | +2% | 6% | 41.3× | n/a | n/a |
| Foxconn Technology 2354.TW | Taiwan | $2.23B | -11% | +13% | 2% | 13.3× | n/a | n/a |
| XiaMen HongXin Electron-tech 300657.SZ | China | $2.21B | -18% | +4% | 8% | 28.2× | n/a | n/a |
| Nippon Electric Glass 5214.T | Japan | $2.32B | -44% | +3% | 8% | 22.6× | 2.4% | +5.1% |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Shenzhen Zesum Technology 301486.SZ | China | $2.41B | -42% | +57% | 3% | 99.2× | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Sinomag Technology 300835.SZ | China | $2.54B | +10% | +18% | 6% | 75.2× | n/a | n/a |
| AXT AXTI | United States | $2.55B | -67% | +89% | 20% | 16.2× | n/a | n/a |
| LG Display 034220.KS | South Korea | $2.61B | -42% | -7% | 2% | n/a | -13.4% | +1.2% |
| Forehope Electronic (Ningbo) 688362.SS | China | $2.67B | -19% | +19% | 0% | 86.7× | n/a | n/a |
| Marketech International 6196.TW | Taiwan | $2.68B | +8% | +44% | 7% | 13.0× | 6.3% | +15.5% |
| Zhejiang Jiemei Electronic & Technology 002859.SZ | China | $2.71B | -21% | +26% | 13% | 47.3× | n/a | n/a |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |